Economists and psychologists are often on opposite sides of the economic growth debate. The nature of the debate is such that
a. economists emphasize the benefits of growth to finance valuable programs, and psychologists question whether more goods make people happier.
b. economists emphasize that more money means more income for the government, and psychologists believe poorer people are happier.
c. economists believe that economic growth imposes no serious costs on the economy, and psychologists question the statistical reliability of GDP numbers.
d. economists stress the importance of money relative to leisure, and psychologists stress the importance of an unstructured life.
a
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GDP measured using current prices is called ________.
A. real GDP B. deflated GDP C. nominal GDP D. constant GDP
In the figure above, international trade ________ producer surplus in the United States by ________
A) decreases; $2.88 billion B) decreases; $1.92 billion C) increases; $4.8 billion D) increases; $3.6 billion
The money market model is concerned with ________ and the loanable funds market model is concerned with ________
A) short-term nominal interest rates; long-term real interest rates B) short-term nominal interest rates; long-term nominal interest rates C) short-term real interest rates; long-term nominal interest rates D) short-term real interest rates; long-term real interest rates
In the endogenous growth model, workers divide their time between market work and
A) accumulating physical capital. B) accumulating human capital. C) trying to invent new production processes. D) work at home.